Central Banking staff
Follow Central Banking
Articles by Central Banking staff
Cleveland Fed says US trade gap may hit growth
The massive trade deficit in the United States will eventually be reversed and implies a weaker dollar and higher interest rates, a Cleveland Fed report said, warning this could quell growth unless US exports grow.
Eurosystem for ex reserves down 0.7 bn
The European Central Bank said that net foreign currency reserves in the euro system fell 0.7 bln eur to 154.9 bln in the week ending 14 January.
PBOC chief Zhou pledges on convertible yuan
China reaffirmed its commitment to allowing free movement of the yuan on the capital account, with PBOC chief Zhou Xiaochuan promising further steps this year.
China's reserves top US $500bn in 2004
China's foreign exchange reserves hit a record US$609.9 billion in 2004, soaring at a rate of US$206.7 billion over 2003, according to the People's Bank of China.
BoJ's Fukui says exchange rate movements unsteady
Bank of Japan Governor Toshihiko Fukui said Tuesday currency exchange rate movements have become unsteady, suggesting the possibility that Japanese monetary authorities may resume intervening in the currency market.
Fed's Bernanke on productivity
In a speech on 'Productivity' given on 19 January, Ben Bernanke of the Federal Reserve said that there is an emerging consensus that productivity growth could remain at its current elevated level.
IMF's Knight on vulnerability of emerging markets
In a speech on 'The vulnerability of emerging markets to shocks: what has changed since the mid-1990s?' given on 9 November, Malcolm Knight of the BIS said good progress is now being made on making financial systems more resilient to shocks.
Philadelphia Fed Business Outlook Survey, Dec 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2004, activity in the region's manufacturing sector continues to grow. In this months survey the participants were asked about the impact of the weak dollar on…
IMF's Krueger on reforming economies
In a speech on 'Shared experience: What reforming economies have in common' given on 14 January, Anne Krueger of the IMF said India should tread a cautious path as far as infrastructure spending is concerned, since too much spending can trigger high…
Jenkins on Canada in the global economy
In a speech on 'Canada in the global economy: A look back and a look forward' given on 13 January, Paul Jenkins of the Bank of Canada said the high price of oil poses a risk to the world's economic outlook, even though oil prices have moderated in the…
EU in disagreement over euro rules
Finance ministers from all 25 EU member states continued talks launched late Monday by ministers from the 12 euro nations on how best to revamp the Stability and Growth Pact.
Buba's Stark says pact revamp may push up rates
Bundesbank Vice-President Juergen Stark said in an article that proposals to revamp European Union budget rules may lead to higher interest rates across the eurozone.
SA's Manuel backs plan to sell IMF's gold
South Africa would back a British proposal to use International Monetary Fund (IMF) gold reserves to write off the debts of poor countries, finance minister Trevor Manuel said on Monday 17 January.
Lithuania plans to adopt euro in 2007
The Central Bank of Lithuania on Tuesday 18 January announced its intention to replace its national currency, the litas, with the euro on Jan. 1, 2007, the Baltic news service (BNS) reported.
Slovak central bank warns on intervention
A senior official in Slovakia's central bank said on Monday 17 January that the bank was still prepared to intervene in the currency markets to weaken the crown.
BOTs Nijathaworn on regional financial cooperation
In a speech on 'Regional financial cooperation: Some thoughts on the way forward' given on 28 November, Bandid Nijathaworn of the Bank of Thailand said he is confident that we can move forward more rapidly in the direction that will be most beneficial to…
Philadelphia Fed Business Review, 4th Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting,…
Riksbank reallocates its gold & currency reserves
The Sveriges Riksbank announced on Tuesday it has up to the present date sold a total of fifteen (15) tonnes of gold under the renewed Central Bank Gold Agreement (CBGA), established between fifteen European central banks.
A higher yuan: When, not if
Sooner or later, China will have to hike its currency against the dollar, this article argues. The peg which keeps the yuan's value fixed against the greenback, has been the 'bete noire' of U.S. manufacturers, who complain that it gives Beijing an unfair…
NY Fed's Geithner on risk management challenges
In a speech on 'Key challenges in risk management' given on 13 January, Timothy Geithner of the Federal Reserve Bank of New York said a set of pressing macroeconomic problems has increased the probability of shocks to global financial prices.
Eichel says EU 3% deficit limit to stay in revamp
German Finance Minister Hans Eichel said on Monday 17 January that planned changes to European Union rules that limit budget deficits and debt levels in the euro region won't alter the two existing numerical thresholds.
Boston Fed's Minehan warns of slow recovery
Cathy Minehan, president of the Federal Reserve Bank of Boston, said on Friday 14 January that businesses continue to hoard cash, making the current economic recovery among the weakest of the past half-century if measured by job growth.
Takanaka: BOJ, gov must work together on deflation
The Japanese government and central bank need to work together to end deflation, Economic and Fiscal Policy Minister Heizo Takenaka said on Monday 17 January after a cabinet meeting in Tokyo.
Oman central bank hosts corporate governance forum
An Arab banking forum on corporate governance was scheduled to open on Monday January 17th under the patronage of Hamoud bin Sanjour al-Zedjali, Executive President of the Central Bank of Oman (CBO).